Maurel & Promenade: Signing of a Letter of Intent for the Acquisition of a 40% Working Working Curiosity within the Sinu-9 Fuel Licence in Colombia By Investing.com

Maurel & Promenade (Paris:MAU):

Producing and development-ready onshore operated fuel asset, strategically situated with key infrastructure in-placeLocated within the Sinu San Jacinto basin and linked into the Promigas pipeline with direct entry to the coastal city and industrial areas within the north of ColombiaHigh high quality asset with just lately developed facilitiesFirst fuel achieved in November 2024 as a part of the continuing long run testCurrent infrastructure in place for gross manufacturing of as much as 40 mmcfd (16 mmcfd internet to the acquired 40% working curiosity) with additional improvement anticipated to extend manufacturing nicely past this preliminary levelProven reserves with appreciable exploration and appraisal upsideProlific basin, with a number of producing fields within the space and robust geological continuitiesGross confirmed plus possible (2P) and confirmed plus possible plus attainable (3P) reserves of respectively 158.8 bcf and 340.8 bcf as of 31 December 2023 (respectively 63.5 bcf and 136.3 bcf internet to the 40% acquired working curiosity)A number of prospects, of which a number of able to be drilled over the subsequent 18 monthsVery sturdy fundamentals for the Colombian home fuel marketStrategic fuel useful resource for a Colombian market that’s structurally quick in provide, projected to be quick 30% of demand by 2026Spot home fuel costs in extra of $8/mmBtu as of This autumn 2024Supply shortfall scenario anticipated to final no less than for the subsequent 5 years, while recognized new fuel sources within the nation will include excessive improvement prices (offshore fields)Strategic alternative for M&P to increase in ColombiaM&P has been current within the nation for over 20 yearsCash circulation diversification: non-Brent linked revenues in a steady OECD oil and fuel jurisdiction$150 million acquisition consideration (as of efficient date of 1 February 2025), totally funded from M&P’s present money sources and obtainable facilitiesM&P may have a 12-month choice from closing to amass an extra 5% working curiosity in Sinu-9 from NG Vitality below the identical phrases ($18.75 million consideration with the identical efficient date)

Etablissements Maurel & Promenade S.A. (“M&P”, the Group) is happy to announce that it has entered right into a letter of intent with NG Vitality Worldwide Corp. (NG Vitality), listed on the TSX Enterprise Trade of Toronto, to amass a 40% operated working curiosity within the Sinu-9 fuel licence in Colombia for a consideration of $150 million as of the efficient date of 1 February 2025. Pursuant to the letter of intent, the events have agreed to make use of their greatest endeavours to expeditiously enter right into a definitive settlement per the letter of intent.

Olivier de Langavant, Chief Govt Officer of M&P, declared: This acquisition represents a key step in M&P’s progress, bringing the Group an working stake in a prolific and extremely potential fuel licence. The asset is at an early stage of improvement, which permits us to leverage our operational experience to develop all of the sources in place and convey a home supply of fuel to the Colombian market. This marks a big milestone in our historical past in Colombia, re-establishing M&P as an operator within the nation with important natural progress potential. NG Vitality has finished a terrific job at bringing this asset to first fuel, and we stay up for rising the connection as companions on Sinu-9.

Asset description

The Sinu-9 fuel block lies within the Decrease Magdalena Valley, 75km from Colombia’s Caribbean coast, and covers an space of roughly 1,260 sq. kilometres within the division of CÃ³rdoba. The Sinu-9 fuel block is situated within the Sinu San Jacinto basin, adjoining to producing fuel blocks held by Canacol and Hocol. NG Vitality is at the moment the operator of the block and owns a 72% working curiosity within the licence, alongside Desarrolladora Oleum, S.A. DE C.V (15%), Clear Vitality Assets S.A.S. (7.8%), and FG Inc. (5.2%).

The realm has established infrastructure with entry to the Promigas pipeline, the northern trunk line of Colombia, on the Jobo connection level.

Sinu-9 achieved first fuel manufacturing in November 2024, below the continuing long run take a look at of the Magico-1X and Brujo-1X wells. There may be infrastructure in place for gross manufacturing of as much as 40 mmcfd (16 mmcfd internet to the acquired 40% working curiosity), and additional improvement will significantly improve manufacturing past this preliminary degree.

The block had gross 2P and 3P reserves of 158.8 bcf and 340.8 bcf, respectively, as of 31 December 2023 (63.5 bcf and 136.3 bcf of 2P/3P reserves internet to the 40% acquired working curiosity), based mostly on NG Vitality’s newest licensed reserves report ready by Sproule Worldwide Restricted (Sproule), an impartial certified reserve evaluator, which report was ready utilizing tips outlined within the Canadian Oil and Fuel Analysis Handbook.

Sinu-9 has appreciable exploration and appraisal upside, in a really prolific fuel basin with a number of producing fields within the space. A number of leads and prospects are able to be drilled over the subsequent 18 months and are anticipated to considerably improve the useful resource base.

Sinu-9 is totally permitted with environmental approval granted by Colombia’s Nationwide Authority of Environmental Licences (ANLA) to drill 22 wells from 11 areas. Infrastructure is totally in place for the primary section of the event, with 40 mmcfd of gross therapy and export capability.

M&P’s expertise in Colombia

The Group has been lively in Colombia for over 20 years, and this transaction marks its return as an operator of manufacturing belongings within the nation. M&P has efficiently invested near $1 billion in Colombia to this point, yielding very sturdy returns. Colombia is a steady and established oil and fuel jurisdiction, well-known to M&P, which strategically enhances our different operations throughout Africa and Latin America. With near-term progress and improvement of the asset, the envisaged transaction positions M&P to construct measurement and scale in Colombia leveraging its operational capabilities.

On account of the decline of its giant mature fields, Colombia’s pure fuel market is at the moment dealing with imbalances between native manufacturing and demand, resulting in excessive costs and a reliance on imports of liquefied pure fuel. Spot home fuel costs have been consistently rising and are in extra of $8 per mmBtu as of This autumn 2024. This provide shortfall is anticipated to final till no less than 2030, with the event of attainable extra manufacturing capability will come at a excessive value.

Financing

The consideration of $150 million might be funded from M&P’s present money sources and obtainable credit score amenities ($260 million as of 31 December 2024).

Situations

Closing of the transaction is topic to negotiation and execution of a definitive settlement between the events, the receipt of regulatory approvals, together with the approval of the Colombian Nationwide Hydrocarbons Company (ANH), and the satisfaction of different customary closing situations.

M&P may have a 12-month choice from closing to amass an extra 5% working curiosity in Sinu-9 from NG Vitality below the identical phrases: $18.75 million consideration, with the identical efficient date of 1 February 2025.

Advisors

Hannam & Companions is appearing as unique monetary advisor to M&P. Herbert Smith Freehills LLP, Torys LLP, and MartÃnez Quintero Mendoza GonzÃ¡lez Laguado & De La Rosa are appearing as authorized advisors to M&P.

About NG Vitality

NG Vitality Worldwide Corp. is growth-orientated pure fuel exploration and manufacturing firm listed on Toronto’s TSX Enterprise Trade, and targeted on delivering long-term shareholder and stakeholder worth by way of the invention, delineation and improvement of large-scale pure fuel fields in creating nations, supporting vitality transition and financial progress. NG Vitality’s group has intensive technical and capital markets experience with a confirmed monitor file of constructing firms and creating important worth in South America. Thus far, over $100 million has been invested within the exploration and improvement of its two essential fuel belongings in Colombia, Sinu-9 and Maria Conchita. For extra data, you may go to NG Vitality’s web site (www.ngenergyintl.com).

Glossary

French

English

pieds cubes

computer

cubic ft

hundreds of thousands de pieds cubes par jour

Mpc/j

mmcfd

million cubic ft per day

milliards de pieds cubes

Gpc

bcf

billion cubic ft

baril

bbl

barrel

barils d’huile par jour

b/j

bopd

barrels of oil per day

hundreds of thousands de barils

mmbbls

million barrels

bep

boe

barrels of oil equal

bep/j

boepd

barrels of oil equal per day

Mbep

mmboe

million barrels of oil equal

For extra data, please go to www.maureletprom.fr/en/

This doc might comprise forecasts relating to the monetary place, outcomes, enterprise and industrial technique of Maurel & Promenade. By their very nature, forecasts contain threat and uncertainty insofar as they’re based mostly on occasions or circumstances which can or might not happen sooner or later. These forecasts are based mostly on assumptions we imagine to be affordable, however which can show to be incorrect and which rely on a variety of threat components, akin to fluctuations in costs, adjustments in trade charges, uncertainties associated to the valuation of our oil reserves, precise charges of oil manufacturing charges and the associated prices, operational issues, political stability, legislative or regulatory reforms, and even wars, terrorism and sabotage.

Maurel & Promenade is listed on Euronext (EPA:) Paris“ “ “ “ PEA-PME and SRD eligibleIsin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

Supply: Maurel & Promenade S.A.

Enterprise

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